Wall Street Continues to Favor House Republicans in Campaign Donations

Six of the top 10 House candidates drawing money from Wall Street in the 2014 cycle are Republicans, showing the industry is sticking with its recent preference for the GOP.

House Speaker John Boehner (R-Ohio) has received more money in campaign contributions from the securities and investment industry than any other House candidate this cycle. Boehner’s campaign has pocketed $1.1 million from individuals and PACs associated with Wall Street firms — the only House candidate to surpass the $1 million mark.

Boehner’s former second-in-command Eric Cantor (R-Va.) remains second to Boehner in terms of Wall Street money raised this cycle despite losing his primary bid in early June, showing just what a favorite he was with the financial set. Current House Majority Leader Kevin McCarthy (R-Calif.) has raised nearly $380,000 from Wall Street this cycle.

The Democrat highest on the list is Ro Khanna, the Silicon Valley favorite running against and outraising California’s 17th District incumbent Rep. Mike Honda. Khanna has received more than $590,000 from Wall Street, more than he’s brought in from any other industry including computers and internet.

As OpenSecrets Blog has noted before, Wall Street has bucked its previous trend of supporting the party in power by shifting the bulk of its financial support to the GOP. Of the $25.1 million that has flown from Wall Street to House campaign coffers this cycle, more than 60 percent has gone to Republican candidates.

Wall Street’s partisanship peaked during the 2012 presidential election cycle — 69 percent of nearly $200 million given to candidates went to Republicans. Sixty-five percent of the $25.4 million given to House candidates that cycle went to Republicans. One reason: The tendency among Democrats, including President Obama, to lay blame on Wall Street firms for the 2008 financial crisis, which resulted in further regulation of the industry.

Hedge fund Elliott Management has been more politically active than any other firm this cycle, largely due to the political activism of CEO Paul Singer. The Republican supporter’s $9.3 million in contributions makes up for the bulk of Elliott’s giving. Of the $12.3 million Elliott has contributed this cycle, only $1.5 million went directly to candidates. The bulk of the money went to outside spending groups including American Unity PAC and American Crossroads.

John is the Center's fall 2014 reporting intern. He has a B.A. in history from Virginia Tech and an M.A. in journalism and public affairs from American University. He previously worked at LegiStorm and as a freelance researcher.

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